The healthcare equipment rental market generated a value of USD 59.1 billion in 2023, which will increase to USD 86.8 billion, with a 5.7% CAGR, by 2030. 

This can be mainly because of the rise in the requirement for medical instruments, coupled with the increasing count of hospitals and clinics providing advanced healthcare.  

Furthermore, the high price of medical equipment and the tax advantages of renting it are also assisting the industry expansion. The production of technologically improved products like sling lifts will further drive healthcare equipment renting activities. 

Recently, public bodies globally have made large funding to enhance the hospital's infrastructure, along with their services. For example, the U.S.’s healthcare expenses amounted to USD 576.9 billion in 2021, which was a rise of 7.7% from 2020.  

Furthermore, India spends approximately 3% of its GDP on healthcare every year. Likewise, as per the Asia Pacific Observatory on Health Systems and Policies, China has enhanced its healthcare infrastructure in the past few years with substantial government funding. 

The hospitals category, based on end user, accounted for the largest healthcare equipment rental market share, of 40%. This is because of the developing government changes regarding the improvement of developed medical infrastructure and the increasing count of patients. Over the past few years, hospitals have started to rent different devices, instead of wholly buying them.  

Moreover, the rising need for liquefying frozen capital and the increasing worries regarding ineffective capital deployment are driving the need for renting medical devices. 

The durable medical equipment category, based on product, led the industry, with a 35% share, because it allows frequent and repetitive use. The rising count of geriatric and disabled individuals will boost the demand for mobility and various other types of assistive devices, which will, consecutively, result in this category expansion. 

North America led the industry in 2023, generating a revenue of USD 29.5 billion. This can be because of the high need for technologically improved products and the presence of numerous renting service providers. 

The U.S. led the industry in North America, and it is likely to advance at a 5.8% CAGR during this decade. This can be because of the increasing occurrence of chronic disease, advancement in the healthcare system, and strong medical infrastructure. 

Europe is advancing at a considerable CAGR, because of the increasing incidence of chronic disorders like Parkinson’s, atherosclerosis, and Huntington’s. Additionally, the swiftly increasing aging population and growing accessibility of home healthcare services are further aiding the industry expansion. 

With the rise in requirements for medical instruments, the healthcare equipment rental industry will continuously advance in the years to come.

SOURCE: P&S Intelligence